When was the last time you went shopping? When was the last time you went out with friends? When was the last time you went to a music festival? We bet you're able to visualize every detail, since the last few years have left us wanting more: events have been few and far between since the arrival of the pandemic.
Yes, our spending habits have changed. But ultimately, are we spending less? Do we have big plans for the post-pandemic period, and are we ready for them? A brief portrait of Canadian consumption.
We Shop Online, Less Often and in Larger Quantities
If you are like the majority of respondents in the Canadian Consumer Insights 2021 report, you are now concentrating your purchases and making them less frequently (52%). But when you do buy, you are buying in larger quantities (50%). You are also buying far less or no longer all of your clothing in stores (55%), a significant shift to online shopping as a more prominent part of your life.
The biggest expenses? The ones that allow us to enjoy the summer at home like bikes, pools and gardening products.
Canadians are Still Cautious With Their Spending
The same report suggests that Canadians will be less likely than the global average to spend money in the next 6 months.
However, the skies are clearing for the post-pandemic period: 63% of respondents said they would like to visit restaurants after the pandemic, while 52% said they would like to travel again. Is this true for you?
The Ideal Time to Assess Your Financial Situation
If you’re one of the many Canadians who are unsure about their future spending, or if you’re worried about whether you’ll be able to afford a project like buying a boat or an RV, you should consider making a financial plan. This clear and simple way to get an overview of your finances and assets includes the following basics:
- Have a plan
- Pay yourself first
- Create a realistic budget
- Reduce debt
- Reducing your tax burden
- Investing in real estate
- Investing for the long term
- Planning your retirement age
Financial planning effectively combines knowledge from the following seven areas:
- Legal aspects
- Tax aspects
- Financial matters
- Insurance and risk management
While it’s more profitable to think about your budget, debt repayment and savings in your younger years, it’s never too late to get started.
Meet with one of the financial planners at Lussier to optimize your finances in an insightful manner. Because pandemic or not, you should be able to consume the way you want, without compromising your future golden retirement!